Boston Properties LTD Partnership 10-Q 2014 Q2 Quarterly report

EXHIBIT 12.1

BOSTON PROPERTIES LIMITED PARTNERSHIP

CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES

CALCULATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND

PREFERRED DISTRIBUTIONS

Boston Properties Limited Partnership’s ratios of earnings to fixed charges and ratios of earnings to combined fixed charges and preferred distributions for the six months ended June 30, 2014 and the five years ended December 31, 2013 were as follows:

	Six Months Ended June 30,			Year Ended December 31,
	2014			2013			2012			2011			2010			2009
		(Dollars in thousands)
Earnings:
Add:
Income from continuing operations before income from unconsolidated joint ventures and gains on consolidation of joint ventures	$	162,058		$	254,536		$	244,561		$	225,277		$	148,921		$	254,946
Gains on sales of real estate		—			—			—			—			2,734			11,760
Amortization of interest capitalized		3,173			5,522			5,278			4,188			2,660			2,498
Distributions from unconsolidated joint ventures		2,205			17,600			20,565			22,451			10,733			6,676
Fixed charges (see below)		260,440			522,070			465,586			446,633			419,881			372,465
Subtract:
Interest capitalized		(32,586	)		(68,152	)		(44,278	)		(48,178	)		(40,981	)		(48,816	)
Noncontrolling interest in income of a subsidiary that has not incurred fixed charges		(13,429	)		(5,818	)		—			—			—			—
Total earnings	$	381,861		$	725,758		$	691,712		$	650,371		$	543,948		$	599,529
Fixed charges:
Interest expensed	$	224,531		$	447,240		$	413,564		$	394,131		$	378,079		$	322,833
Interest capitalized		32,586			68,152			44,278			48,178			40,981			48,816
Portion of rental expense representative of the interest factor		3,323			6,678			7,744			4,324			821			816
						��
Total fixed charges	$	260,440		$	522,070		$	465,586		$	446,633		$	419,881		$	372,465
Preferred distributions		6,146			14,103			3,497			3,339			3,343			3,594
Total combined fixed charges and preferred distributions	$	266,586		$	536,173		$	469,083		$	449,972		$	423,224		$	376,059
Ratio of earnings to fixed charges		1.47			1.39			1.49			1.46			1.30			1.61
Ratio of earnings to combined fixed charges and preferred distributions		1.43			1.35			1.47			1.45			1.29			1.59